This form is for the situation where the seller is to apply for a release of liability from an assumed loan or reinstatement of VA entitlement.
Arizona Addendum for Release of Liability on Assumption of FHA, VA or Conventional Loan, Restoration of Seller's Entitlement for VA Guaranteed Loan
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Multi-State
Control #:
US-00472-A1
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Word;
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Description
How to fill out Addendum For Release Of Liability On Assumption Of FHA, VA Or Conventional Loan, Restoration Of Seller's Entitlement For VA Guaranteed Loan?
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FAQ
The essential purpose of the FHA and VA amendatory/escape clauses is to give the buyer the right to terminate the sales contract if the sales price exceeds the appraised value of the Property. Form 2A4-T includes the prescribed wording of the FHA and VA amendatory/escape clauses.
IMPORTANT - In order for VA to release you from liability, it will be necessary that your purchaser assume all of your liability to the Government, as well as to the loan holder, if this is other than VA.
If the new buyer can meet all the minimum credit and income requirements, they are eligible for the loan?even non-veterans or civilians. However, if the buyer is a civilian, the seller will lose their VA loan benefits as their entitlement will still be tied to the assumed mortgage.
An FHA/VA financing addendum is attached to a purchase contract to state that a buyer with FHA/VA financing can back out of the sale if the appraised property value is less than the asking price.
VA loans include certain contingencies that protect earnest money deposits and allow them to be refunded to the buyer under specific circumstances. Some of the most common VA contract contingencies include a home inspection contingency, financing contingency, home sale contingency and appraisal contingency.
A seller financing addendum outlines the terms under which the seller of a property agrees to loan money to the buyer in order to purchase their property.
The Bottom Line The FHA amendatory clause protects borrowers because if the appraisal comes back low, the buyer can cancel the transaction and get their earnest money back. Signing on the dotted line for a home that appraises for below the sales price could result in a bad investment for both lenders and buyers.
For VA loan assumptions, the only way to safeguard your entitlement is to have a Veteran assume your loan and substitute their entitlement for yours. Unless that happens, Veterans will not regain their entitlement with a loan assumption ? it will remain tied to the property until the loan is repaid in full.
